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Thursday, 2 February 2017

S&P 500 ends flat, Apple spike lifts Nasdaq

The S&P 500 edged higher on Wednesday to cap a four-day losing streak, buoyed by gains in Apple shares and after the Federal Reserve kept US interest rates unchanged, as expected. Apple shares rose 6.1 percent to USD 128.75, its highest close in a year and a half. This made it the biggest positive influence on the three major indexes, which would have all ended in the red for the day without Apple's boost.

In its first meeting since President Donald Trump took office, the Fed's policy-setting committee said job gains remained solid and was upbeat on inflation, signalling conviction that the economy was on a good footing. The lack of detail on when the next rate hike could come weighed on financial shares, which had been positive through most of the session. The S&P 500 financial sector edged up 0.04 percent.